Weekly Review of the Lead Concentrates Market (September 21, 2026 - September 24, 2026) [SMM Lead Concentrates Weekly Review]

This week, domestic Pb50 TCs (weekly) remained flat at 150 yuan/mt Pb, and imported Pb60 TCs (weekly) remained flat at -$175/dmt. The industry is currently in the negotiation cycle for next month's TCs, and most enterprises have yet to finalize pricing. Expectations suggest that, given small mines in Inner Mongolia, Guangxi, Anhui, and Yunnan have not yet resumed production following safety inspections, combined with reduced arrivals of imported ore and virtually no lead concentrate inventory at ports, ore supply remains tight. On the demand side, primary lead smelters that underwent maintenance before October are resuming production, and winter stockpiling demand is increasing ore requirements. Under conditions of undersupply, October TCs are expected to decline further. Meanwhile, due to ore tightness, some Q4 tender prices have seen upward adjustments in silver payable indicators.